Drilling at Matachewan, Ontario: Aggressive Testing of Grass-Roots Targets Continues in Quebec and Ontario.

VAL-D'OR, Quebec -- New Staking In Hunter Mine Group Volcanics, Abtitibi, Quebec

Golden Valley Mines Ltd. (TSX-V symbol: GZZ) provides the following exploration update of grass-roots projects underway in Northeastern Ontario and Northwestern Quebec.

QUEBEC PROPERTIES UPDATE:

Dubuisson Prospect: Diamond drilling is planned for three target areas outlined in recently completed magnetic and induced polarization geophysical surveys. The Cadillac Break, an important regional control for gold mineralization, is located approximately 500-meters north of the property. Past producers in the vicinity include the Malartic Goldfields, East Malartic, Canadian Malartic, and Barnat-Sladen Mines.

Heva Minor Prospect: Geophysical surveys (magnetic and induced polarization), a review of historical work, and recent exploration activity in the vicinity have permitted the selection of four initial drill targets. Diamond drilling is expected to commence following completion of drilling in the Dubuisson area.

Cadillac High Prospect, Cadillac Area: Anomalous gold values were returned from one of the three diamond drill holes (ddh's) completed on the property over widths of 1.3 to 2.1 m, including 1.33 g/t gold over 0.70 m from 46.5 - 47.2 meters (drill hole GCH-04-01).

New Staking in Hunter Mine Group: Golden Valley Mines has recently staked several new properties thought to be underlain by volcanics of the Hunter Mine Group following a review of historical work and MRNFP SIGEOM database in the townships of Roquemaure, Palmoralle, Duparquet, and Destor near the Quebec-Ontario border.

ONTARIO PROPERTIES UPDATE:

Arbade - Richore Prospects, Matachewan Area: Diamond drilling is expected to continue at the Richore area with one or two additional holes planned in the Belt Lake area. Drilling is directed towards IP anomalies outlined in recent survey extensions, approximately 500 meters northeast of the historical Vein No. 6 shaft. Additional drilling will be completed at Arbade Prospect in the area of the shaft occurrence, following a review of recently completed detailed geophysical surveys.

Winnie Lake Prospect, Kirkland Lake Area: Three target areas have been outlined on this VMS project north of Kirkland Lake. Significant historic values have been reported from a shallow shaft and several drill holes (1989 - 1990). Recent survey work has been directed to areas east of the historic occurrence, and has outlined several new anomalies not tested in earlier programs. Additional work including downhole pulse-EM geophysics surveys and diamond drilling will evaluate the original shaft occurrence.

SUMMARY - PROJECT ABITIBI STRATEGY: Aggressive testing of numerous grass-roots targets continues on multiple 100%-owned properties in the Abitibi Greenstone Belt. Most of the 49 100-% owned properties have had little or no previous work but are located in geological domains considered prospective for the occurrence of precious metals (23 prospects) or base metals (26 VMS (Cu-Zn-Ag) prospects). Exploration targets in the Abitibi Greenstone Belt include:

- the eastern portion of the Destor-Porcupine Fault Zone north of
     Rouyn-Noranda and Val-d'Or

   - the western portion of the Blake River Group volcanics in
     Ontario

   - Several previously untested airborne electromagnetic (AEM)
     anomalies and structural features elsewhere in the Abitibi
     region

Golden Valley is diamond drill testing approximately two groups per month while also conducting work on its additional property interests in the Nunavik (Ungava) and Labrador regions of Northern Quebec. The Company is adequately funded for its current programs. Further updates will be forthcoming as drilling progresses, and upon receipt of assay and geophysical survey results.

Glenn J. Mullan, P. Geo. and President of Golden Valley Mines Ltd. is the designated Qualified Person responsible for the exploration programs on the properties and the person responsible for the preparation of this release.

A map is available on CCNMatthews' Website at the following address: http://www2.ccnmatthews.com/database/fax/2000/valley2.jpg

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